Morning Market Briefing – Running (Out) of the Bulls

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Morning Market Briefing – Running (Out) of the Bulls

Morning Market Briefing

Morning Market Briefing – Running (Out) of the Bulls

July 19, 2021

Do you watch our shows? Start your trading day with “The Trend” at 9am EST and “Beyond The Bell” at 4. Available on the front page of your member’s dashboard!

Good Morning! We’ve officially reached “line in the sand” time. Friday’s session was rough for both the SPY and QQQ, and ealry morning action is looking like a small gap down. Today will be an important day for the sellers to assert short term control, or risk losing momentum to the ‘buy every single dip” crowd. $430 is the first key area to watch on the SPY. Even if we gap below there, a failure to even test that level early in the week will be a sign of a potential correction. In the QQQ, $355 is a very important area to hold.

Note to new traders: Corrections, typically defined as a 5%+ decline, are a perfectly healthy and normal thing for markets to do from time to time. Swing traders love the opportunity to buy, or rebuy their favorite assets at a lower price, and day traders love the volatility a correction brings. If you’re caught in this to the long side, take a hard look at your position sizing and how much of your portfolio you’re putting into each trade.

Retest of $430 critical for SPY bulls.

QQQ have $355 on deck.

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2021-07-19T07:55:43-04:00
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